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EXHIBIT 99.1
[SOVEREIGN SPECIALTY CHEMICALS, INC. LOGO]
CONTACT:
John R. Mellett
Sovereign Specialty Chemicals, Inc.
312-419-4035
FOR IMMEDIATE RELEASE
SOVEREIGN SPECIALTY CHEMICALS ACQUIRES IMPERIAL ADHESIVES
CHICAGO, October 12, 2000 -- Sovereign Specialty Chemicals, Inc. has announced
the completion of the acquisition of Imperial Adhesives Inc., a subsidiary of
NS Group Inc. The transaction was completed for a price of $26.75 million.
Imperial generated revenues of $43.7 million and EBITDA of $2.6 million in its
fiscal year ended September 30, 1999. Imperial is a leader in contact cement
technology and possesses expertise in several industrial markets, including wood
and high-pressure laminate bonding, foam combining and membrane roofing
adhesion. According to Sovereign's Chairman and CEO, Robert Covalt, "The
Imperial acquisition is a key step forward for Sovereign in building our
industrial adhesives portfolio. Their strong sales force will provide expanded
opportunities for the distribution of Sovereign's products and technology."
Sovereign Specialty Chemicals, Inc. is a leading developer, marketer and
distributor of high-performance specialty adhesives, sealants and coatings that
are utilized in a variety of industrial and commercial applications.
Headquartered in Chicago, Sovereign was founded by Robert Covalt and a group of
private investors in 1996. Sovereign has grown organically and through
acquisitions, becoming one of the premier companies in its field.
AEA Investors Inc. is the controlling investor in Sovereign and is one of
the most experienced international private equity investment firms with
investors that include former and current CEOs of major multinational
corporations, family groups, endowment funds and institutions from around the
world.
NS Group, Inc. is a leading producer of tubular products serving the energy
industry and certain industrial markets. The company manufactures seamless and
welded tubular steel products, which are used in the drilling and exploration as
well as the transmission of oil and natural gas. NS Group's industrial products
include special bar quality (SBQ) products used in critical weight bearing
applications. NS Group is traded on the NYSE under the symbol NSS.
SOURCE: Sovereign Specialty Chemicals, Inc.
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